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RedStone launches Bitcoin staking oracles
Decentralized Finance (DeFi)
Oct 7, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

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Oct 7, 2024

RedStone launches Bitcoin staking oracles

Product updates

  • RedStone, a DeFi middleware infrastructure protocol, has launched staking oracles designed specifically for Bitcoin staking.

  • This new implementation allows users to stake their Bitcoin in exchange for Bitcoin-based liquid-staking tokens on the Ethereum blockchain. Users can implement staked BTC across a range of applications, such as lending on platforms like Morpho and Compound and generating composable leverage.

  • Analyst QuickTake : This news marks RedStone's first foray into the Bitcoin-based DeFi space, which has seen a large influx in investor interest . A number of startups have raised funding over the last six months, including Bitlayer , Arch Labs , ZKM, and Botanix Labs, which raised USD 11 million , USD 7 million , USD 5 million, and USD 8.5 million, respectively. Notably, Redstone raised USD 15 million in Series A funding in July to push its oracles into the emerging liquid staking landscape.

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